Employment
FactCheck.org's Weekly Update, August 29, 2020
In a hyped press briefing the eve before the Republican National Convention, President Donald Trump falsely said that convalescent plasma had been “proven to reduce mortality by 35%,” even though the therapy has not yet been shown to be effective for COVID-19. On 6 separate occasions, President Trump has claimed that Europe’s excess mortality during the COVID-19 pandemic is 33% to 40% higher than America’s. But that’s only possible when cherry-picking numbers or ignoring Europe’s larger population. Facebook posts falsely claim that under Joe Biden, the “tax rate on a family making 75000 dollars would go from 12% to 25%.” Biden’s proposal does not call for a tax increase on those making less than $400,000, though analysts say an increased corporate tax rate could effectively result in a small tax increase for middle-income earners. Social media repeats an error reported by Lou Dobbs on Fox Business in July, claiming that major corporations were donating large sums of money to Black Lives Matter. The companies have pledged support for racial equality initiatives, but haven’t specified Black Lives Matter as a beneficiary. more »
New Economic Challenges and the Fed's Monetary Policy Review by Chair of the Federal Reserve Jerome H. Powell
"The persistent undershoot of inflation from our 2 percent longer-run objective is a cause for concern. Many find it counterintuitive that the Fed would want to push up inflation. After all, low and stable inflation is essential for a well-functioning economy. And we are certainly mindful that higher prices for essential items, such as food, gasoline, and shelter, add to the burdens faced by many families, especially those struggling with lost jobs and incomes. However, inflation that is persistently too low can pose serious risks to the economy. Inflation that runs below its desired level can lead to an unwelcome fall in longer-term inflation expectations, which, in turn, can pull actual inflation even lower, resulting in an adverse cycle of ever-lower inflation and inflation expectations." more »
Where We Stand: Partial Draft of Democratic Party Platform Already Voted Upon By Delegates; Covid-19 Pandemic Is a Prime Focus
"In a public health crisis, we all have to rely on each other. That’s why Democrats support making 9 COVID-19 testing, treatment, and any eventual vaccines free to everyone, regardless of their wealth, insurance coverage, or immigration status. We are all only as safe from this disease as are the most vulnerable among us. It has always been a crisis that tens of millions of Americans have no or inadequate health insurance — but in a pandemic, it’s catastrophic for public health." Democrats believe the federal government should pick up 23 percent of the tab for COBRA insurance, which keeps people on their employer-sponsored plans." The Republican Party Platform issued their statement: WHEREAS, The RNC has unanimously voted to forego the Convention Committee on Platform, in appreciation of the fact that it did not want a small contingent of delegates formulating a new platform without the breadth of perspectives within the ever-growing Republican movement...RESOLVED, That any motion to amend the 2016 Platform or to adopt a new platform, including any motion to suspend the procedures that will allow doing so, will be ruled out of order ..." more »
GAO* Report on Retirement Security: Older Women Report Facing a Financially Uncertain Future
GAO* was asked to report on the financial security of older women. This report examines women retirees' perspectives on their financial security, and (2) what is known about the financial security of older women in retirement. Women also cited a range of experiences that hindered their retirement security, such as divorce or leaving the workforce before they planned to. Women in all 14 focus groups said their lack of personal finance education negatively affected their ability to plan for retirement. Many shared ideas about personal finance education including the view that it should be incorporated into school curriculum starting in kindergarten and continuing through college, and should be available through all phases of life. more »